Exemption for loans from National Dairy Development Board allows companies it owns to treat those funds as non-deposits. The Companies (Acceptance of Deposits) Rules, 1975 are amended by inserting a provision in rule 2(b) excluding any amount received as a loan from the National Dairy Development Board by companies owned by it, directly or through subsidiary companies, from the definition of deposits; the amendment is effected under section 58A read with section 642 of the Companies Act, 1956 and comes into force on publication in the Official Gazette.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption for loans from National Dairy Development Board allows companies it owns to treat those funds as non-deposits.
The Companies (Acceptance of Deposits) Rules, 1975 are amended by inserting a provision in rule 2(b) excluding any amount received as a loan from the National Dairy Development Board by companies owned by it, directly or through subsidiary companies, from the definition of deposits; the amendment is effected under section 58A read with section 642 of the Companies Act, 1956 and comes into force on publication in the Official Gazette.
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